CORPORATE BRIEFS

Slovak Rail ends first half with 2 billion crown loss

Železnice Slovenskej Republiky (ŽSR-Slovak Rail) reported on August 5 that it had ended the first half of the year with losses of 2.04 billion crowns ($49 million), an 847 million crown improvement over the same period last year and 33 million crowns less than called for in ŽSR's business plan for 1999.

Costs remained almost unchanged, up 0.6% from 1H98 at 11.4 billion crowns. Revenues increased 10.9% to 9.4 billion crowns, largely a result of ŽSR's having moved into the revenue category 1.02 billion crowns that had been created in reserves against financial costs.

Sales from passenger and freight transport accounted for 68.5% of total revenues, while state subsidies made up 11.8% of ŽSR's income. Wages were the firm's highest cost (41.8% of the total).

External indebtedness swelled 1.6 billion crowns to 32.5 billion from the beginning of the year, although some progress was made in restructuring the company's debt portfolio; in late June, long-term loans accounted for 51.7% of ŽSR's total loans and debts.

ŽSR signed a contract with the European Investment Bank on the provision of a 200 million EUR loan in late July.

Get daily Slovak news directly to your inbox

Top stories

Slovakia orders a curfew and embarks on its COVID experiment

High turnout in testing in four northern districts, decision awaited on extending the project to the nation. Prison for a prominent prosecutor and parliament's speaker injured.

Waiting for the results of COVID tests during the pilot phase of the nationwide testing in the town of Nižná in Orava, northern Slovakia.

No balanced budget for next three years, this time due to COVID-19

2021-2023 general government budgets lack consolidation measures.

Finance Minister Eduard Heger

Pity the nation

Americans’ choice of president on November 3 will affect Slovaks too.

The second US presidential debate.

Extension of the tram line deeper into Bratislava’s Petržalka is closer to completion

After completion, passengers will be able to go from the very end of Petržalka to the city centre in 10 minutes.

The current tram terminal station on Jungmannova Street in Petržalka.